You may have originally bought a policy to provide for your children, to protect your home mortgage, or to secure retirement funds.

If you no longer need this financial protection, you may wish to donate your policy as a gift to an organization that will continue to promote the values you believe in.

• Name Christ Temple as the owner and beneficiary.

  By choosing Christ Temple as owner and beneficiary, you receive a current income tax charitable deduction for the present value of the policy.

  You would continue to pay the premiums and deduct them as charitable contributions each year. In this way, your gift may become much larger than a cash gift.

• Name Christ Temple as the beneficiary.

  Upon your death, Christ Temple will receive the proceeds.

• Name Christ Temple as the co-beneficiary.

  If you would like to provide for loved ones and also contribute to Christ Temple, this plan will share the proceeds.

• Name Christ Temple as the secondary beneficiary.

  If the first beneficiary dies before you do, Christ Temple will receive the proceeds.

• Name Christ Temple as the residual beneficiary.

  If your life insurance is a source of retirement income, you can name Christ Temple to receive the funds that you do not withdraw prior to your death.

• Assign annual dividends to Christ Temple.

  If you receive dividends on your policies each year, you may choose to contribute them to Christ Temple. The dividends may be deducted as charitable contributions on your income tax return.

• Fund a Gift Annuity with your policy.

  You can assign your life insurance policy to Christ Temple and receive a Gift Annuity to provide income for you or for someone else.

  You can also arrange to have the insurance proceeds establish a Christ Temple annuity which will, at your death, provide life income to a surviving loved one.

• You can choose a fixed face amount:

  The total amount of the gift is determined from the start and does not change. The premiums, however, will diminish over time.

• You can choose a fixed premium:

  By paying a specified premium per month or year, you will provide a growing insurance gift.

• You can choose a group policy:

  If you are part of a group, you may be able to take out a policy that does not require passing a physical examination.

If the present value of your policy is greater than the accumulated premiums you have paid, you will have ordinary income to report on your income tax return. However, you can avoid current income tax by choosing your cost basis (total premiums paid) as your charitable deduction.